European insurers Allianz and AXA SA are among the potential bidders for HSBC Holdings Plc’s sale of its general insurance business, which could fetch more than $1 billion, sources familiar with the matter told Reuters.
HSBC , Europe’s biggest bank, has sent out information memorandums to potential bidders for the sale of its non-life insurance business, as CEO Stuart Gulliver streamlines a mammoth business aimed at cutting costs by $3.5 billion. .
Australian insurer QBE Insurance Group Ltd, China’s PICC Property Casualty Co Ltd and Tokio Marine Holdings are the other companies likely to be interested in the auction, sources added.
AXA, Allianz and QBE declined to comment, while PICC and Tokio Marine were not immediately available for comment.
HSBC declined to comment. Sources were not authorized to talk to the media.
The first round of bids, for what is expected to be a competitive auction, is due in mid-October. The sale is
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